Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-03-10
THURSDAY. MARCH 10, 1857
The Altered OHer.

we pIlnltu OH Auto"og A"o" " ANNo
extract from the report of the proceed
ings OF the fourteenth annual meeting
of the Council of Foreign Bondholders
In London, and repeated-what we had
so often said before-that we failed to
find in it any offer of compromise. The
Indor-Appeoi quotes the following
resolution, which we had published
several times before last Tuesday, as
proving that an offer of compromise has
been made by the States creditors
"That this meeting deplores the long
contest into which the bondholders
have been forced for the maintenance
of their rights, and whilst asserting its
steadfast determination not to accept
the Riddleberger settlement, which, i'll
view OF the admitted ability of Virginia
to settle with her creditors and the sac
rifces they have already made on her
behalf, it considers dishonest and I'M
Just, hereby expresses its willingness
to meet the State and entertain a rea-
sonable compromise based upon the
present taxation and the available reve-
nue. after providing for the constitH-
tional appropriation for government,
schools, and other public expendi-
lures"
What this resolution means was ex-
planned in Mr. WARMERS letter in our
issue of yesterday. In the bondhold-
ers' meeting, he says, it was repeatedly
stated that "when the State had aban-
doned the principle of coercion in
volved in the Riddleberger settlement |
and recognized the principle of com
promise, by consent, the bondholders
would be prepared to appoint repre-
sentatiyes to confer with nominees of
the State for the purpose of formula
ting satisfactory settlement
In other words, the bondholders will
not even treat with us until we have
abandoned the RIDDLEBERGER bill, and
even when we have thus Inundated
ourselves, then not until we have agreed
that there can be no settlement worth
consideration that does not first receive
the bondholders' "consent" or APP
proval. After all this is done, they
will graciously appoint representatives
to confer with ours.
But even without that comment or
gloss, the resolution contains no offer.
II is entitled to no more consideration
than the resolution of any other SINH
lar number of creditors. 1t has been
repeatedly stated, and never contra
dicted that we know of, that the COun-
Gil of Foreign Bondholders control
only ten millions of dollars of the debt
Their "offer," therefore, can bind no
bondholders except themselves. Of !
what advantage would it be to Virginia |
to settle one third of her debt to the |
satisfaction of one third Of her credi- |
tors, and leave the other two thirds
unsettled? The alleged " liberal y pro-
position of the Council of Foreign |
Bondholders was that the State should |
pay all the expenses of her State gov
eminent, including the small sum now
given to the public schools, colleges,
&C., and turn over all the rest of her
revenues to the Council of Foreign
Bondholders. OF course, to them
because they had no right to make an
offer in behalf of the other creditors.
There never was a more Objectionable
proposition made to State.
But what is the use of disputing as to
whether an offer has been made or not
The letter we published yesterday from
Mr. WARSEB was written in London
only twelve days before If the Coun-
Gil of Foreign Bondholders are really
authorized to speak for the States
creditors, they can easily make the fact
appear to the Virginia authorities. If
they have made an offer, they can re-
peat it. II they have made none, they
can have one in Richmond two weeks
hence. Put il into the form Of an
offer-not in the form of q resolution
of town meeting-and then we
shall have something worthy of con.
sideration. Let them state the mini
mum principal and the minimum rate
of interest which they would be willing
TO accept as a final compromise, and
that they speak for al, or nearly all,
the creditors, and then our Legislature
will feel authorized 10 look upon the
proposed compromise as an "offer.'
Suppose the bondholders in New York
or Washington or Richmond shonld
assemble in council or meeting and
pass the resolution above quoted:
would anybody seriously contend that
they had made an Golfer which the
State could take into consideration
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